Hologic Inc (HOLX) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Hologic's second quarter fiscal 2025 earnings conference call. My name is Rachel, and I'm your operator for today's call. Today's conference is being recorded. (Operator Instructions)

下午好，歡迎參加 Hologic 2025 財年第二季財報電話會議。我叫 Rachel，是今天為您接聽電話的接線生。今天的會議正在錄製中。（操作員指示）

I would now like to introduce Mike Watts to begin the call.

現在我想介紹麥克沃茨來開始這場電話會議。

Thank you, Rachel. Good afternoon, and thank you for joining Hologic's second quarter fiscal 2025 earnings call. With me today are Steve MacMillan, the company's Chairman, President and Chief Executive Officer; Essex Mitchell, our Chief Operating Officer; and Karleen Oberton, our Chief Financial Officer.

謝謝你，Rachel。下午好，感謝您參加 Hologic 2025 財年第二季財報電話會議。今天與我一起出席的還有公司董事長、總裁兼執行長 Steve MacMillan；我們的營運長 Essex Mitchell；以及我們的財務長 Karleen Oberton。

Our second quarter press release is available now on the Investors section of our website. We will also post our prepared remarks to our website shortly after we deliver them, and a replay of this call will be available for 30 days.

我們第二季的新聞稿現已發佈在我們網站的「投資者」部分。我們也會在發表演說後不久將準備好的發言發佈到我們的網站上，而本次通話的重播將保留 30 天。

Before we begin, we'd like to inform you that certain statements we make today will be forward-looking. These statements include known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such factors include those referenced in the safe harbor statement that's included in our earnings release and SEC filings.

在我們開始之前，我們想通知您，我們今天所做的某些聲明將具有前瞻性。這些聲明包括已知和未知的風險和不確定性，可能導致實際結果與明示或暗示的結果有重大差異。這些因素包括我們的收益報告和美國證券交易委員會 (SEC) 文件中的安全港聲明中提到的因素。

Also during this call, we will discuss certain non-GAAP financial measures. A reconciliation to GAAP can be found in our earnings release. Two of these non-GAAP measures are organic revenue, which we define as revenue excluding divested businesses and revenue from acquired businesses owned by Hologic for less than one year and also organic revenue, excluding COVID-19, which further excludes COVID-19 assay revenue, other revenue related to COVID-19, and sales from discontinued products and diagnostics.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。在我們的收益報告中可以找到與 GAAP 的對帳。其中兩個非公認會計準則指標是有機收入，我們將其定義為不包括剝離業務和 Hologic 擁有不到一年的收購業務的收入，以及不包括 COVID-19 的有機收入，後者進一步排除了 COVID-19 檢測收入、與 COVID-19 相關的其他收入以及停產產品和診斷的銷售額。

Finally, any percentage changes that we discuss will be on a year-over-year basis, and revenue growth rates will be in constant currency unless otherwise noted.

最後，我們討論的任何百分比變化都將以同比為基礎，並且收入增長率將以固定貨幣計算，除非另有說明。

Now I'd like to turn the call over to Steve MacMillan, Hologic's CEO.

現在我想把電話轉給 Hologic 的執行長 Steve MacMillan。

Thank you, Mike, and good afternoon, everyone. Thanks for joining us to discuss our financial results for the second quarter of fiscal 2025. As everyone knows all too well, it's been a tumultuous few months from a macroeconomic and policy perspective. But in this challenging environment, we took a step in the right direction this quarter by meeting our financial commitments, making good progress on our plans to reinvigorate growth, and demonstrating once again the reliability and adaptability of our business model.

謝謝你，麥克，大家下午好。感謝您加入我們討論 2025 財年第二季的財務表現。眾所周知，從宏觀經濟和政策角度來看，過去幾個月是動盪的。但在這個充滿挑戰的環境中，本季度我們朝著正確的方向邁出了一步，履行了財務承諾，在重振增長的計劃上取得了良好進展，並再次證明了我們商業模式的可靠性和適應性。

Specifically, total revenue for the quarter was $1.005 billion, a decrease of 0.5% in constant currency, but toward the upper end of our guidance. Our diagnostics business continued to grow nicely despite steep declines in our Africa business following funding cuts. And we also got a positive contribution from our skeletal franchise as previous supply constraints began to lift.

具體而言，本季總營收為 10.05 億美元，以固定匯率計算下降 0.5%，但接近我們預期的上限。儘管由於資金削減，我們的非洲業務急劇下滑，但我們的診斷業務仍然保持良好的成長。隨著先前的供應限制開始解除，我們的骨骼特許經營也獲得了積極的貢獻。

Non-GAAP earnings per share were $1.03, at the high end of our guidance range and flat compared to a year ago. This reflected solid gross margin expansion as well as benefits from share buybacks and a slightly lower tax rate.

非公認會計準則每股收益為 1.03 美元，處於我們指導範圍的高位，與去年同期持平。這反映了穩健的毛利率擴張以及股票回購和略低稅率帶來的好處。

With that overview, let me discuss how we are approaching today's macro environment from a position of strength and why we believe we can continue to deliver solid financial results across a range of unpredictable economic and policy scenarios.

透過這個概述，讓我來討論一下我們如何從優勢地位應對當今的宏觀環境，以及為什麼我們相信我們能夠在一系列不可預測的經濟和政策情景下繼續提供穩健的財務業績。

First, our products deliver significant value to patients and customers. For example, our market-leading infectious disease and cancer tests are relatively inexpensive, and they help reduce overall health care costs by detecting disease early when it can be treated most effectively. Our breast health products are another good example of this. We need to accelerate growth here for sure. And this quarter, we made good progress on our plans to do that, as Essex will discuss.

首先，我們的產品為患者和客戶帶來了巨大的價值。例如，我們市場領先的傳染病和癌症檢測價格相對便宜，並且透過在疾病早期進行最有效的治療來檢測疾病，有助於降低整體醫療保健成本。我們的乳房保健產品就是另一個很好的例子。我們肯定需要加速這裡的成長。本季度，我們的計劃取得了良好進展，正如埃塞克斯將要討論的那樣。

We are confident in our efforts because we know that our foundation is incredibly strong. Our mammography products are best-in-class. And as a result, we command leading market shares. With our increasingly diverse portfolio, we can help women across the entire continuum of breast health care, and we have the best market position in this important category for women's health.

我們對自己的努力充滿信心，因為我們知道我們的基礎非常牢固。我們的乳房 X 光攝影產品是同類產品中最好的。因此，我們佔據了領先的市場份額。憑藉我們日益多樣化的產品組合，我們可以為女性提供整個乳房保健過程的幫助，並且我們在這一對女性健康至關重要的類別中擁有最佳的市場地位。

In addition, our customer relationships are without peer, which translates into lots of recurring revenue. For example, strong growth in breast health service drove $212.6 million of overall nonproduct revenue for the company this quarter. This represented 21% of our total revenue and grew by a very healthy 12%.

此外，我們的客戶關係無與倫比，這意味著大量的經常性收入。例如，乳腺保健服務的強勁成長推動該公司本季整體非產品收入達到 2.126 億美元。這占我們總收入的21%，並且成長了12%，非常健康。

Second, we have a seasoned management team and a highly engaged workforce of more than 7,000 people who are deeply committed to women's health. In addition to our global leadership team, we are beefing up our organization in key areas like business development, R&D, and quality. Importantly, we are adding experienced professionals who bring deep understanding of their respective end markets.

其次，我們擁有一支經驗豐富的管理團隊和一支超過 7,000 名高度敬業的員工隊伍，他們都致力於女性健康事業。除了我們的全球領導團隊之外，我們還在業務發展、研發和品質等關鍵領域加強我們的組織。重要的是，我們正在增加經驗豐富的專業人士，他們對各自的終端市場有深入的了解。

And across the company, our level of employee engagement, which we have tracked every year since 2015, remains terrific. Most recently, we scored in the 98th percentile compared to similar companies, actually tipping up a point from recent years. And importantly, 99% of employees agree that Hologic's mission makes them feel their jobs are important, also up 1 point from last year. High employee engagement really shined through in our impressive response to the COVID-19 pandemic and gives us a competitive advantage in dynamic environments like the ones we're navigating today.

自 2015 年以來，我們每年都會追蹤整個公司的員工敬業度水平，發現員工敬業度一直很高。最近，我們與同類公司相比得分位居 98 位，實際上比近年來提高了一個百分點。重要的是，99％的員工同意Hologic的使命讓他們覺得自己的工作很重要，這也比去年增加了1個百分點。高員工敬業度在我們對 COVID-19 疫情的出色應對中得到了充分體現，並使我們在當今所處的動態環境中獲得了競爭優勢。

Third, the strength of our balance sheet and cash flows give us tremendous strategic and financial flexibility. We generated $169.5 million in operating cash in the second quarter, largely due to our durable market-leading brands. At quarter end, we had cash and equivalents of $1.43 billion, short-term investments of $192 million and an adjusted net leverage ratio of only 0.8 times.

第三，我們強勁的資產負債表和現金流為我們提供了巨大的策略和財務靈活性。我們在第二季產生了 1.695 億美元的營運現金，這主要歸功於我們持久的市場領導品牌。截至季末，我們的現金及等價物為 14.3 億美元，短期投資為 1.92 億美元，調整後的淨槓桿比率僅為 0.8 倍。

With our fortress balance sheet, we believe we are in a good position to capitalize on market dislocations from a business development perspective. We continue to search for acquisitions and investments similar to recent deals like Endomagnetics, Gynesonics and Maverix, which are performing well. At the same time, we can also return value to shareholders by repurchasing stock. We have repurchased more than $4.5 billion of stock since 2016, including $200 million in the second quarter.

憑藉我們穩健的資產負債表，我們相信，從業務發展的角度來看，我們處於有利地位，可以利用市場錯位。我們繼續尋找與近期交易類似的收購和投資，例如表現良好的 Endomagnetics、Gynesonics 和 Maverix。同時，我們也可以透過回購股票來回報股東。自 2016 年以來，我們已回購了超過 45 億美元的股票，其中包括第二季的 2 億美元。

Before I turn the call over to Essex, let me conclude by saying that the financial execution we saw in the quarter reflects our strong positions in core US and European markets. But unfortunately, exogenous factors are affecting our growth in geographies like Africa, which we discussed in our last call, and China. Today, we are lowering sales expectations for China, which has become an increasingly challenging market due to geopolitical turbulence.

在我將電話轉給 Essex 之前，我想最後說一下，我們在本季看到的財務執行情況反映了我們在美國和歐洲核心市場的強勢地位。但不幸的是，外部因素正在影響我們在非洲（我們在上次電話會議中討論過）和中國等地區的成長。今天，我們下調了對中國的銷售預期，由於地緣政治動盪，中國市場已成為一個日益具有挑戰性的市場。

With these areas now largely derisked in our forecast, we look forward to faster growth beginning in the fourth quarter and into 2026. We expect this improvement to be generated by better commercial execution in breast health, easier comps in surgical, breast health and Skeletal, organic growth from Endomagnetics and Gynesonics and new product introductions.

由於我們預測這些領域的風險現在已基本降低，我們預計從第四季開始到 2026 年將出現更快的成長。我們預計，這種改善將透過乳房健康領域更好的商業執行、外科手術、乳房健康和骨骼領域更容易的競爭、內磁學和婦科醫學的有機增長以及新產品的推出來實現。

Now I will turn the call over to Essex.

現在我將把電話轉給埃塞克斯。

Thanks, Steve, and good afternoon, everyone. In my remarks today, I will first review our divisional revenue performance in the second quarter. Then I will discuss our exposure to the recently announced tariffs as they stand today. As Steve said, we are pleased to deliver revenue in the second quarter at the high end of our guidance range. Our performance was driven by another strong quarter in diagnostics and an accelerated recovery of product supply in our skeletal business.

謝謝，史蒂夫，大家下午好。在今天的演講中，我將首先回顧我們第二季度的部門收入表現。然後我將討論我們對最近宣布的關稅的影響。正如史蒂夫所說，我們很高興第二季的收入達到了預期範圍的高端。我們的業績得益於診斷業務又一個強勁的季度以及骨骼業務產品供應的加速恢復。

Starting with diagnostics. Second quarter revenue of $453.6 million grew 1.5% or 5.2%, excluding COVID-related sales. Growth for the division continues to be led by the molecular diagnostics, which grew 1.7% or 7.8%, excluding COVID. Specifically, we benefited from the continued strong growth of our BV/CV/TV assay, higher sales of our respiratory assays, and strong growth in our Biotheranostics oncology business.

從診斷開始。第二季營收為 4.536 億美元，不包括與 COVID 相關的銷售額，成長 1.5% 或 5.2%。該部門的成長繼續由分子診斷引領，成長了 1.7% 或 7.8%（不包括 COVID）。具體來說，我們受益於 BV/CV/TV 檢測的持續強勁成長、呼吸系統檢測的銷售額成長以及生物診療腫瘤學業務的強勁成長。

BV CV/TV continues to represent a significant opportunity for Hologic. Studies show that in the US alone, over 20 million women experience vaginitis each year. We estimate that less than 40% of these women are being tested with older manual testing methods still representing a meaningful portion of this. Our diagnostics team has been making great progress to address this unmet need by driving awareness and establishing reimbursement for our accurate high-throughput molecular diagnostic test.

BV CV/TV 持續為 Hologic 帶來重大機會。研究表明，僅在美國，每年就有超過2000萬名女性患有陰道炎。我們估計，這些女性中只有不到 40% 的人接受過較舊的手動測試方法的測試，這仍然佔了其中很大一部分。我們的診斷團隊透過提高意識和為我們準確的高通量分子診斷測試建立報銷，在解決這一未滿足的需求方面取得了巨大進展。

As many of you who track the weekly CDC data now, the United States suffered through a severe flu season this year. This led to strong growth of our respiratory assays in the second quarter. As a reminder, these tests are run on our Panther Fusion sidecar. So heavy respiratory demand boost interest in Panther Fusion among our customer base and also opens up the door for menu consolidation, including with lab-developed tests.

正如許多關注每週疾病預防控制中心數據的人一樣，美國今年經歷了嚴重的流感季節。這導致我們第二季度的呼吸道檢測強勁成長。提醒一下，這些測試是在我們的 Panther Fusion 邊車上運行的。如此強烈的呼吸需求激發了我們的客戶群對 Panther Fusion 的興趣，同時也為菜單整合打開了大門，包括實驗室開發的測試。

In our Biotheranostics oncology business, we continue to see strong adoption of our breast cancer index test, a unique indicator that helps a woman understand whether she'll benefit from continued endocrine therapy.

在我們的生物診療腫瘤學業務中，我們繼續看到乳癌指數測試的廣泛採用，這是一項獨特的指標，可以幫助女性了解她是否會受益於持續的內分泌治療。

Offsetting some of the growth in our core molecular business this quarter was less HIV testing in Africa, which resulted from funding cuts to USAID that were previously discussed. Unfortunately, we're now seeing this affect other nonprofit organizations, resulting in a significant disruption to the testing infrastructure that had been in place in the region. It's worth noting that excluding lower product sales associated with our work in Africa, core molecular revenue would have grown at a low double-digit rate in the second quarter.

本季度，我們核心分子業務的部分成長被非洲的愛滋病毒檢測減少所抵消，這是由於先前討論過的對美國國際開發署的資金削減造成的。不幸的是，我們現在看到這種情況影響了其他非營利組織，導致該地區現有的檢測基礎設施嚴重中斷。值得注意的是，不包括與我們在非洲的工作相關的較低的產品銷售額，核心分子收入在第二季將以較低的兩位數成長率成長。

In our cytology and perinatal businesses, second quarter revenue declined 0.6%. Sales grew modestly in the US as we continue to see adoption of our Genius AI product, but were offset by low single-digit decline internationally. International sales were affected by the ongoing physician strike in South Korea and lower hospital spending in China.

在我們的細胞學和圍產期業務中，第二季收入下降了 0.6%。由於我們 Genius AI 產品繼續受到歡迎，美國的銷售額小幅增長，但國際市場的個位數低幅下滑抵消了這一增長。韓國持續的醫生罷工和中國醫院支出的下降影響了國際銷售。

Moving to breast health. Revenue of $356.2 million declined 6.9% or 9.2% organically, excluding SSI and Endomagnetics. As a reminder, when we updated guidance last quarter, we anticipated this would be a down year for gantry replacements. At the same time, we announced new leadership -- a new leadership team. We're excited by the progress this team has already made in three key areas, which are laying the foundation for better growth in the future.

關注乳房健康。收入為 3.562 億美元，下降 6.9% 或有機下降 9.2%，不包括 SSI 和 Endomagnetics。提醒一下，當我們在上個季度更新指導時，我們預計今年將是龍門架更換的低迷年。同時，我們宣布了新的領導階層—新的領導團隊。我們對這個團隊在三個關鍵領域已經取得的進展感到非常興奮，這為未來更好的發展奠定了基礎。

First, we've reorganized our sales team to have a clear split between our capital and disposable product sales reps. These selling processes require different skill sets, and we believe this reorg, combined with more concrete selling strategies will drive clear focus and improved performance within our commercial channels.

首先，我們重組了銷售團隊，明確劃分資本產品銷售代表和一次性產品銷售代表。這些銷售流程需要不同的技能，我們相信，此次重組加上更具體的銷售策略將推動我們商業通路的明確重點和提高績效。

Second, the team has refined our end-of-life strategy for older gantries that still remain in the field. We have clear line of sight to where these older units are. And this month, we are rolling out a new offensive strategy that motivates both our customers and our own reps to upgrade these older units.

其次，團隊改進了仍在現場的舊龍門架的報廢策略。我們可以清楚地看到這些老舊設備的位置。本月，我們將推出一項新的進攻策略，激勵我們的客戶和我們自己的代表升級這些舊設備。

Third, we began selling our Endomagnetics products directly through our own sales force in North America rather than through the distributor that Endomag had used in the past. By leveraging the capabilities of our commercial channel, we feel well positioned to address the significant market opportunity for wireless localization. Our Endomag team has strong momentum entering the second half of our fiscal year, and we continue to be excited about the acquisition overall.

第三，我們開始透過我們在北美的銷售團隊直接銷售我們的 Endomagnetics 產品，而不是透過 Endomag 過去使用的經銷商。透過利用我們的商業管道的能力，我們感到能夠很好地抓住無線本地化的巨大市場機會。我們的 Endomag 團隊在進入財政年度下半年時勢頭強勁，我們對此次收購總體上仍感到興奮。

While our commercial team focuses on driving gantry upgrades, our service team continues to do an outstanding job with our current installed base of approximately 15,000 3D gantries worldwide. As Steve said, recurring service revenue grew strongly in the second quarter and now accounts for over 45% of total breast health revenue.

雖然我們的商業團隊專注於推動龍門架升級，但我們的服務團隊繼續在全球目前安裝的約 15,000 個 3D 龍門架上出色地完成工作。正如史蒂夫所說，經常性服務收入在第二季強勁成長，目前佔乳房健康總收入的 45% 以上。

In Surgical, second quarter revenue of $162.5 million increased 5.1% or 1.1% organically, excluding Gynesonics. Our international surgical business grew 16.2% in the quarter, another strong result. As our team continues to drive market development and awareness for our minimally invasive GYN products, we see meaningful runway ahead globally. Of note, we've seen great traction since we launched our Fluent Pro system late last year. This system helps improve the performance and the user experience of our MyoSure platform, which has resulted in strong customer feedback.

在外科領域，第二季營收為 1.625 億美元，成長 5.1% 或有機成長 1.1%（不包括婦科）。本季我們的國際外科手術業務成長了 16.2%，再次取得了強勁的業績。隨著我們的團隊繼續推動微創婦科產品的市場開發和知名度提升，我們看到了全球有意義的發展前景。值得注意的是，自去年年底推出 Fluent Pro 系統以來，我們已經看到了巨大的發展動能。該系統有助於提高我們的 MyoSure 平台的效能和用戶體驗，並獲得了客戶的強烈回饋。

We were also excited to close the Gynesonics acquisition early in the second quarter. As mentioned on our last earnings call. Gynesonics financial results are meeting expectations, we're pleased with how the integration has progressed, and we're excited for this future opportunity. Finally, in our Skeletal business, second quarter revenue of $33 million grew 22.9%. Our team made great progress partnering with our third-party manufacturer to accelerate the production ramp of our DXA system in the quarter, exceeding our internal expectations.

我們也很高興在第二季初完成對 Gynesonics 的收購。正如我們上次財報電話會議上提到的。Gynesonics 的財務表現符合預期，我們對整合的進展感到滿意，並對未來的機會感到興奮。最後，在我們的骨骼業務中，第二季的收入為 3,300 萬美元，成長了 22.9%。我們的團隊與第三方製造商合作取得了巨大進展，加速了本季 DXA 系統的生產成長，超出了我們的內部預期。

Before turning the call over to Karleen, I wanted to provide some perspective on our exposure to tariffs that have recently been announced. At a high level, the vast majority of our manufacturing is done here in the United States. For diagnostics, we manufacture in California, Massachusetts and New Hampshire. We have a small production site in the UK, but that primarily serves the international market.

在將電話轉給卡琳之前，我想先就我們對最近宣布的關稅的影響提供一些看法。從高層次來看，我們的絕大部分製造業務都是在美國完成的。對於診斷產品，我們在加利福尼亞州、馬薩諸塞州和新罕布什爾州進行生產。我們在英國有一個小型生產基地，但主要服務國際市場。

In breast health, our mammography manufacturing is all done in Delaware. We do export products to China that are made in the United States. Manufacturing that's done outside of the US is primarily for our surgical and interventional breast products. These products, excluding Gynesonics, are produced in Costa Rica. For Gynesonics and Skeletal, we use third-party manufacturers in Mexico, but we expect products made in Mexico to be substantially exempt from tariffs under the USMCA.

在乳房健康方面，我們的乳房 X 光檢查製造全部在特拉華州完成。我們確實向中國出口美國製造的產品。在美國以外進行的生產主要是為了我們的外科和介入性乳房產品。這些產品（Gynesonics 除外）均在哥斯達黎加生產。對於 Gynesonics 和 Skeletal，我們使用墨西哥的第三方製造商，但我們預計根據 USMCA，在墨西哥製造的產品將基本免徵關稅。

When we analyze the tariffs that have been announced relative to our manufacturing activities, we forecast a gross impact of $20 million to $25 million a quarter, roughly two-third of our exposure relates to tariffs from Costa Rica and about 15% from China. All other countries make up the rest.

當我們分析與我們的製造活動相關的已宣布的關稅時，我們預測每季度的總影響為 2000 萬至 2500 萬美元，其中約三分之二的風險敞口與哥斯達黎加的關稅有關，約 15% 與中國的關稅有關。其餘均為其他國家。

Karleen will discuss how these increased costs will affect the balance sheet and income statement. But before I turn the call over to her, let me say that our estimates do not include higher prices that our suppliers may attempt to pass on to us, but they also do not include potential offsets from the many mitigation efforts we have underway.

Karleen 將討論這些增加的成本將如何影響資產負債表和損益表。但在我將電話轉給她之前，我要說的是，我們的估算不包括供應商可能試圖轉嫁給我們的更高價格，也不包括我們正在進行的許多緩解措施帶來的潛在抵消。

In the short term, we do not anticipate much pricing flexibility since most of our affected sales are made under long-term contracts. But like every multinational company, we are implementing and exploring a number of potential actions to mitigate the financial impact of tariffs in whatever form they may eventually take. Obviously, this is a fluid situation that may continue to change, and we will remain flexible.

短期內，我們預計價格不會有太大的靈活性，因為大多數受影響的銷售都是根據長期合約進行的。但與所有跨國公司一樣，我們正在實施和探索一系列潛在行動，以減輕關稅最終可能採取的任何形式的財務影響。顯然，這是一個不穩定的情況，可能會繼續變化，我們將保持靈活性。

With that, I'll hand the call over to Karleen.

說完這些，我就把電話交給卡琳。

Thank you, Essex, and good afternoon, everyone. In my comments today, I will start by walking through the rest of our non-GAAP income statement, touch on several key financial metrics, then finish with our guidance for fiscal Q3 and the full year. In the second quarter, we delivered EPS of $1.03 at the high end of our guidance range. In addition to posting solid revenue, we exercised disciplined expense management and utilized multiple levers such as share repurchases and tax efficiency to drive strong profitability for the quarter.

謝謝你，埃塞克斯，大家下午好。在今天的評論中，我將首先介紹我們非公認會計準則損益表的其餘部分，談及幾個關鍵的財務指標，然後以我們對第三季度和全年的財務指導作為結束。在第二季度，我們的每股收益達到 1.03 美元，處於指導範圍的高端。除了實現穩健的收入外，我們還實行嚴格的費用管理，並利用股票回購和稅收效率等多種手段來推動本季的強勁獲利能力。

Starting with non-GAAP gross margin. We finished the quarter at 61.1%, improving by 40 basis points compared to the prior year. The primary drivers of this improvement were strong diagnostic sales as well as adding Endomag and Gynesonics to our corporate profile. Their accretive gross margins create a solid foundation and clear pathway to operating profitability over time.

從非 GAAP 毛利率開始。本季我們的利潤率達到了 61.1%，比上年提高了 40 個基點。這項改善的主要驅動力是強勁的診斷銷售以及將 Endomag 和 Gynesonics 添加到我們的公司形像中。其不斷增長的毛利率為長期的營運利潤奠定了堅實的基礎和清晰的途徑。

Moving down the P&L. Second quarter operating expenses of $312.9 million increased 1.7%. This increase was driven by the inclusion of Endomag and Gynesonics in our results. Excluding these deals, operating expenses would have decreased 4.6%, reflecting good expense control in a period of lower revenue.

降低損益。第二季營運費用為 3.129 億美元，成長 1.7%。這一增長是由於我們的結果中加入了 Endomag 和 Gynesonics。不計入這些交易，營運費用將下降 4.6%，反映出在收入較低時期良好的費用控制。

Second quarter operating margin finished at 30%, a strong result considering we are integrating two acquisitions. Although operating margin decreased by 40 basis points compared to the prior year, it increased 60 basis points sequentially despite lower absolute revenue.

第二季營業利潤率達到 30%，考慮到我們正在整合兩項收購，這是一個強勁的成績。儘管營業利潤率較上年同期下降了 40 個基點，但儘管絕對收入較低，但營業利潤率仍比上一季增加了 60 個基點。

Below operating income, other income net was a loss in our fiscal second quarter of slightly more than $14 million. This loss was roughly in line with our expectations but greater than the prior year as we generated less interest income given our capital deployment activity.

低於營業收入的其他收入淨額是我們第二財季的虧損，略高於 1,400 萬美元。這項損失大致符合我們的預期，但由於我們的資本配置活動產生的利息收入減少，這一損失高於前一年。

Finally, our tax rate in Q2 was 19%. This reflected a true-up to match our new expected full year effective tax rate of 19.25%. Altogether, net margin for the quarter was 23.2%, decreasing 80 basis points compared to the prior year, but still excellent compared to our peers. Our strong profitability helped us generate a tremendous amount of cash flow. Over time, this has contributed to our fortress balance sheet, as Steve said. As a result, we have the ability to execute on both tuck-in M&A and share repurchases.

最後，我們第二季的稅率為 19%。這反映了與我們新的預期全年有效稅率 19.25% 相符的實際稅率。總體而言，本季淨利潤率為 23.2%，較上年下降 80 個基點，但與同業相比仍表現出色。強勁的獲利能力幫助我們產生了大量的現金流。正如史蒂夫所說，隨著時間的推移，這對我們的堡壘資產負債表做出了貢獻。因此，我們有能力執行補充併購和股票回購。

In the second quarter, for example, we closed the Gynesonics acquisition for approximately $350 million while also buying back 3 million shares for $200 million. This repurchase activity drove our weighted average diluted share count down to 227 million, a decrease of over 10 million shares compared to the prior year. Combined, these results led to non-GAAP earnings per share of $1.03, another quarter of delivering at the high end of our guidance range.

例如，在第二季度，我們以約 3.5 億美元完成了對 Gynesonics 的收購，同時也以 2 億美元回購了 300 萬股股票。此次回購活動導致我們的加權平均稀釋股數下降至 2.27 億股，與上年相比減少了 1,000 多萬股。綜合起來，這些結果導致非公認會計準則每股收益達到 1.03 美元，而另一個季度達到了我們指導範圍的高端。

With growing uncertainty in the geopolitical environment, our balance sheet and cash flow have us well positioned to navigate whatever comes next. In the second quarter, we generated cash flow of $169.5 million and exited the quarter with over $1.6 billion in cash and investments on our balance sheet.

隨著地緣政治環境的不確定性日益增加，我們的資產負債表和現金流使我們能夠很好地應對接下來的一切。第二季度，我們產生了 1.695 億美元的現金流，本季末我們的資產負債表上的現金和投資超過 16 億美元。

Now let's move on to our updated non-GAAP financial guidance for the full fiscal year and third quarter. While we are staying nimble in the face of rapid geopolitical changes, the tariffs announced in early April and the ensuing trade war in China are impacting our financial forecast in two main ways.

現在讓我們來看看整個財年和第三季的最新非公認會計準則財務指引。雖然我們在快速的地緣政治變化面前保持靈活，但 4 月初宣布的關稅以及隨後在中國爆發的貿易戰主要在兩個方面影響我們的財務預測。

First, even though we manufacture mainly in the US, as Essex said, tariffs related mostly to Costa Rica and China will increase inventory acquisition costs by $20 million to $25 million per quarter this year. From an accounting standpoint, we record these costs as inventory as they are incurred, then amortize them through the P&L over inventory turns.

首先，儘管我們主要在美國生產，但正如艾塞克斯所說，主要與哥斯達黎加和中國相關的關稅將使今年每季的庫存採購成本增加 2,000 萬至 2,500 萬美元。從會計角度來看，我們在這些成本發生時將其記錄為庫存，然後透過庫存週轉率的損益表進行攤提。

This means that in the income statement, we expect cost of goods sold to increase by about $5 million in the third quarter and by almost $20 million in the fourth quarter. These estimates assume no changes in policy and do not include the potential mitigation efforts that we have underway.

這意味著在損益表中，我們預計第三季銷售成本將增加約 500 萬美元，第四季銷售成本將增加近 2,000 萬美元。這些估計假設政策沒有變化，也不包括我們正在進行的潛在緩解措施。

Second, as China becomes increasingly difficult for US-based companies, we are lowering our forecasted China revenue for the year by roughly $20 million. We now expect only about $50 million in revenue from China in fiscal 2025, which we believe largely de-risks us from future geopolitical turmoil.

其次，由於中國市場對美國公司來說越來越難開拓，我們將今年在中國的預期收入下調了約 2,000 萬美元。我們現在預計 2025 財年來自中國的收入僅為 5,000 萬美元左右，我們認為這在很大程度上降低了我們未來地緣政治動盪帶來的風險。

To reflect the net impact of these items on our annual outlook, we are lowering our non-GAAP EPS guidance range by $0.10, $4.15 to $4.25. At the same time, we are maintaining our full year revenue guidance of $4.05 billion to $4.10 billion as the weakening US dollar is roughly compensating for the reduction in China revenue.

為了反映這些項目對我們年度展望的淨影響，我們將非 GAAP EPS 指導範圍下調 0.10 美元，從 4.15 美元到 4.25 美元。同時，我們維持全年營收預期 40.5 億美元至 41 億美元，因為美元疲軟大致彌補了中國收入的減少。

For the third quarter, we are expecting total revenues of $1 billion to $1.01 billion and non-GAAP EPS in the range of $1.04 to $1.07. We still anticipate solid growth in our fourth quarter, in line with our longer-term expectations. Because of the weaker US dollar, we now forecast currency to represent a headwind of approximately $10 million to $15 million for the full year and a negligible headwind in the fiscal third quarter.

對於第三季度，我們預計總營收為 10 億美元至 10.1 億美元，非 GAAP 每股收益在 1.04 美元至 1.07 美元之間。我們仍預期第四季將實現穩健成長，符合我們的長期預期。由於美元走弱，我們現在預測貨幣匯率將為全年帶來約 1,000 萬至 1,500 萬美元的不利影響，而第三財季的不利影響則可忽略不計。

In terms of the divisions, our outlook from our prior guidance remains largely unchanged. We still expect diagnostics to grow mid-single digits for the year, excluding the impact of the declining COVID-19 sales. Strong growth from our BV CV/TV assay and Biotheranostics oncology business will be partially offset by declining sales of our HIV test in Africa due to the federal funding cuts and lower sales in China.

就各部門而言，我們先前的預測前景基本上保持不變。不計 COVID-19 銷售額下降的影響，我們仍預計今年診斷業務將實現中等個位數成長。由於聯邦政府削減資金和中國銷售額下降，我們的 BV CV/TV 檢測和生物診療腫瘤業務的強勁增長將被我們在非洲的 HIV 檢測銷售額下降所部分抵消。

For COVID revenue, we expect assay sales to be about $5 million in the third quarter and approximately $35 million to $40 million for the full year. COVID-related items are expected to be about $25 million in the third quarter and $100 million to $105 million for the year. Finally, in diagnostics, we expect blood screening revenue of about $6 million in Q3 and $20 million to $25 million for the full year. As a reminder, both COVID-related sales and blood screening revenues are backed out of our organic growth calculations.

對於 COVID 收入，我們預計第三季檢測銷售額約為 500 萬美元，全年約為 3,500 萬至 4,000 萬美元。預計第三季與 COVID 相關的項目約為 2,500 萬美元，全年約為 1 億至 1.05 億美元。最後，在診斷方面，我們預計第三季血液篩檢收入約為 600 萬美元，全年收入約為 2,000 萬至 2,500 萬美元。提醒一下，與 COVID 相關的銷售額和血液篩檢收入均不計入我們的有機成長計算中。

Within breast health, we still expect a low single-digit decline for the full year on a reported basis and a mid-single-digit decline organically. As discussed on our last earnings call, we are forecasting lower gantry sales this year following two years of elevated shipments. We continue to expect breast health to return to healthy growth in the fourth quarter.

在乳房健康領域，我們仍然預計全年報告的降幅將為個位數低位，有機降幅將為個位數中位。正如我們上次收益電話會議上所討論的那樣，在經歷了兩年的出貨量增長之後，我們預測今年龍門架的銷量將會下降。我們繼續預計乳房健康將在第四季度恢復健康成長。

Lastly, in Surgical, we still forecast this business to grow high single digits for the year, driven by the Gynesonics acquisition. We expect Surgical to grow in the low single digits organically, driven by strong international sales and continued adoption of our new Fluent Pro fluid management system.

最後，在外科領域，我們仍然預測，在 Gynesonics 收購的推動下，該業務今年將實現高個位數成長。我們預計，在強勁的國際銷售和我們新的 Fluent Pro 流體管理系統的持續採用的推動下，Surgical 將實現低個位數的有機成長。

Moving to the rest of the P&L. We expect gross margins in the low 60%s for the full year. We forecast gross margins to decline sequentially from Q3 to Q4 as the P&L impact of the tariffs becomes more significant. For operating margin, we continue to expect low 30%s for the full year, which is very healthy. Below operating income, we estimate other income net to be an expense of approximately $20 million in Q3 and an expense of approximately $55 million to $60 million for the full year. Our annual effective tax rate of 19.25% reflects a 25 basis points savings from our prior guidance. Diluted shares outstanding are expected to be approximately 228 million for the full year.

轉到損益表的其餘部分。我們預計全年毛利率將在 60% 出頭。我們預測，隨著關稅對損益的影響變得更加顯著，毛利率將從第三季到第四季連續下降。對於營業利潤率，我們繼續預計全年利潤率將在 30% 以下，這是非常健康的。在營業收入之下，我們估計第三季其他收入淨額約為 2,000 萬美元，全年支出約為 5,500 萬至 6,000 萬美元。我們的年度有效稅率為 19.25%，比我們先前的指導節省了 25 個基點。預計全年稀釋流通股數約 2.28 億股。

To conclude, in our second quarter, we were pleased to deliver on our financial commitments with revenue and EPS both at the high end of our guidance ranges. Tariffs in China are new headwinds that will affect our results this year, but we continue to be excited about building on strong market positions in our core businesses. We expect to make good progress on these efforts in the second half of our fiscal year and to exit the fourth quarter with improved growth rates.

總而言之，在第二季度，我們很高興履行了我們的財務承諾，收入和每股盈餘都達到了我們預期範圍的高端。中國的關稅是新的不利因素，將影響我們今年的業績，但我們仍然對鞏固核心業務的強大市場地位感到興奮。我們預計這些努力將在財政年度下半年取得良好進展，並在第四季結束時實現更高的成長率。

With that, we ask the operator to open the call for questions.

因此，我們要求接線員打開電話詢問問題。

(Operator Instructions)

（操作員指示）

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Steve, maybe one just on the tariff backdrop. I appreciate the color on that front. It sounds like you guys -- you have the China piece pretty well telegraphed here. On the potential higher costs from suppliers, then the mitigation efforts on your side, can you just talk through, I guess, the potential scenario of outcomes here? Are you having any of those conversations or suppliers talking about higher prices? What are the mitigation efforts? I just want to talk through kind of what's going on in the background and what that could mean for numbers as we move forward.

嘿夥計們，感謝你們回答問題。史蒂夫，也許只是關於關稅背景的問題。我很欣賞那方面的色彩。聽起來你們──你們對中國這個問題的闡述已經相當清楚了。關於供應商可能帶來的更高成本，以及貴方採取的緩解措施，您能否簡單談談這裡可能出現的結果情境？你們是否正在進行這些對話或供應商是否談論過提高價格？緩解措施有哪些？我只是想談談幕後發生的事情以及這對我們未來的數字意味著什麼。

Yes. We don't think it's going to dramatically affect. We think there's offsets both ways. We're not having major discussions. We're just -- it's such a wacky time. We'd be silly not to think that some people would be looking at that. But overall, it's really our Costa Rica footprint is what we're baked in, and we figure we'll offset anything else.

是的。我們認為它不會產生巨大影響。我們認為兩種方式都有補償。我們沒有進行重大討論。我們只是──這是一個非常瘋狂的時代。如果我們不認為有些人會注意這一點，那我們就太愚蠢了。但總體而言，我們的足跡實際上是在哥斯達黎加，我們認為我們可以抵消其他任何足跡。

Okay. Yes, certainly volatile times. And then maybe one on the breast side. It sounds like maybe a little bit of the rejigger of the sales force, some more focused on the equipment side, some on the consumables. Is that just strategically ahead of the launch? It sounds like breast still kind of that mid-single organic decline this year, ramps up into 4Q. But maybe just talk about the sales force focus and what you're hearing on the capital side, obviously, a volatile market as we just talked about, what's the appetite on capital from hospitals later here and there? Thank you guys.

好的。是的，確實是個動盪的時期。然後也許在胸部有一個。這聽起來像是對銷售團隊進行了一些調整，有些人更專注於設備方面，有些人更專注於消耗品方面。這是否只是在發布前的策略舉措？聽起來，今年乳房保健品銷量仍處於中期有機下滑階段，但到第四季將有所回升。但也許只是談論銷售團隊的重點以及您在資本方面聽到的內容，顯然，正如我們剛才談到的，市場波動很大，醫院對資本的興趣如何？謝謝你們。

Yes, Patrick, thanks. I'm glad you asked the breast health question because if I step back and give a bigger perspective on it, if you go back 15 years, right, this used to be a boom-bust kind of business. and it was very volatile in terms of our breast health business. And really, what we set out and achieved through most of the 2010s as it were, is really getting a much more stable and steady business through both more steady placement of gantries instead of the boom bust and the clips and all that stuff that many of you remember as well as building out our service business to be much more recurring revenue and strengthening the footprint into the interventional space where we've got more disposables coming through.

是的，派崔克，謝謝。我很高興你問到乳房健康的問題，因為如果我退一步，從更廣闊的角度來看待這個問題，如果你回顧 15 年前，你會發現這曾經是一個繁榮與蕭條交替的行業。就我們的乳房保健業務而言，這非常不穩定。事實上，我們在 2010 年代的大部分時間裡所設定的目標和實現的目標實際上是透過更穩定地放置機架而不是像許多人記得的那樣繁榮蕭條和使用夾子以及所有那些東西，獲得了更加穩定的業務，同時還建立了我們的服務業務，以獲得更多的經常性收入，並加強了我們在創造領域的影響力，我們有了一次性用品的一次性用品。

So we really feel like we've proven that ability to have a nice longer runway and a much more steady business. And then two massive things hit us here in the early 2020s from COVID, which created its own challenges and then particularly the chip shortage. And the way we think about it internally right now, the last couple of years, our breast health business has looked more like an echocardiogram. It's way up, way down based on the downs and the chip shortages and then these weird comparables.

因此，我們確實覺得我們已經證明了我們有能力擁有更長的跑道和更穩定的業務。2020 年代初，新冠疫情給我們帶來了兩大衝擊，不僅帶來了挑戰，還帶來了晶片短缺。就我們目前內部的看法而言，過去幾年，我們的乳房保健業務看起來更像是一張超音波心臟檢查。由於市場低迷、晶片短缺以及這些奇怪的比較，價格一路上漲，一路下跌。

And I feel like right now, as we exit and really flush through '25 and even getting into our fourth quarter of this calendar year -- this fiscal year, which is really only the third quarter and then heading into next year, it will be getting back to much more of that steady business. And I think that's where we feel much better.

我覺得現在，隨著我們走出並真正度過 25 年，甚至進入今年的第四季度 - 本財年，實際上只是第三季度，然後進入明年，業務將恢復到更加穩定的狀態。我認為這讓我們感覺好多了。

And combined, as the interventional business has grown, to your point, Patrick, and now with Endomag coming in, we have more sufficient scale to have a much more recurring revenue focus as well as the capital focus, which will set us up for both the Envision launch, but also maximizing Endomag and the IBS stuff.

綜合起來，正如帕特里克所說，隨著介入業務的增長，現在隨著 Endomag 的加入，我們擁有了更充分的規模，可以更加註重經常性收入和資本，這將為我們推出 Envision 做好準備，同時也能最大限度地發揮 Endomag 和 IBS 的優勢。

So I think we feel it's one of those times where sometimes the numbers are better than the business and sometimes the business you start to feel like starts to turn before the numbers fully demonstrated. And I would say we clearly feel that way with our breast health team right now that they've turned the corner organizationally, and that will start to show up here in the quarters ahead.

因此，我認為我們感覺到這是這樣的時刻：有時數字比業務更好，有時在數字完全展現之前，你開始感覺到業務開始轉變。我想說的是，我們現在清楚地感覺到我們的乳房健康團隊在組織上已經扭轉了局面，這將在未來幾季開始顯現。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys. Maybe one for you, Karleen, to kick things off on the guide. It looks like you've got the organic constant currency ex COVID number by about 60 bps or so, and you talked to obviously tariffs in China in there. But I'm curious as to whether that Africa weakness in molecular diagnostics or perhaps incremental sort of weakness in breast health were part of that mix as well. And it sounds like Skeletal recovered a little bit sooner in the year. So any upside from that? Just wondering beyond tariffs in China, how to think about the 60 bps haircut?

嘿，大家好。也許有一個適合你，卡琳，來開始指南。看起來，扣除 COVID 因素後的有機恆定貨幣數字大約上升了 60 個基點左右，而且你顯然在其中談到了中國的關稅。但我很好奇，非洲在分子診斷上的弱點或在乳房健康方面的逐漸減弱的弱點是否也是其中的一部分。聽起來 Skeletal 今年恢復得有點早。那麼這有什麼好處嗎？我只是想知道，除了中國的關稅之外，我如何看待 60 個基點的減記？

Yes. I think the 60 bps haircut is primarily related to the China takedown in the back half of the year as well as I think we indicated that the Africa call down, I think we talked about $10 million a quarter. And our last call is probably a little bigger than we had originally estimated as it's impacting other non-for-profit entities. So I think that those are the biggest drivers of the takedown in the percentage, the 60 bps that you called out.

是的。我認為 60 個基點的減記主要與今年下半年中國業務的下滑有關，而且我認為我們已經提到非洲業務的下滑，我們談論的是每季 1000 萬美元。我們的最後一次呼籲可能比我們最初估計的要大一些，因為它影響到其他非營利實體。所以我認為這些是導致百分比下降（即您所說的 60 個基點）的最大因素。

Got it. And then one follow-up for you, Steve, on the gantry side of things. Are you considering revisiting sort of that premium price positioning you plan to charge for Envision, just given current market conditions? Or do you still feel good about the quality and the value that the platform offers? And if it's the former, then could we see a little bit of margin pressure there since I think this is a higher COGS instrument than your current platform?

知道了。然後，史蒂夫，我想就龍門架方面的問題向您提問。考慮到目前的市場狀況，您是否考慮重新考慮 Envision 的高價定位？或者您仍然對該平台提供的品質和價值感到滿意？如果是前者，那麼我們是否會看到一點利潤壓力，因為我認為這是比目前平台更高的 COGS 工具？

Yeah, I can take that one here. What I would say is we feel very confident with the value that our product brings. And if you think about where our current 3Dimensions product sits in the market, it is also at a premium, delivering more value, I would say, than our competition.

是的，我可以把那個拿來。我想說的是，我們對我們的產品所帶來的價值非常有信心。如果您想想我們目前的 3Dimensions 產品在市場上的地位，它也是高端產品，我想說，它比我們的競爭對手提供更多的價值。

So I think what we thought about is really being creative on how we bring this product to market with different options and acquisition models to partner with customers to really give them the best-in-class technology to really identify cancer quicker and better, I would say, than we have in the past. So this is not that much more. I would say, it's inclusive of all the software that we offer coming standard. So it's pretty comparable to where we stand today in the market.

所以我認為，我們真正考慮的是創造性地將這款產品推向市場，透過不同的選擇和收購模式與客戶合作，真正為他們提供一流的技術，以便比過去更快、更好地識別癌症。所以這並沒有什麼不同。我想說，它包括了我們提供的所有標準軟體。因此，這與我們目前在市場上的狀況相當。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you. Good afternoon. Hey Steve, first, I wanted to ask about China, which is something I never thought I would do on a Hologic call just because such a small portion of revenue, but I was curious like what you're seeing there in the market today and the revenue that's coming out of the guide, just any color on like what segments that's coming out of?

謝謝。午安.嘿，史蒂夫，首先，我想問一下關於中國的問題，我從來沒有想過在 Hologic 電話會議上會問到這個問題，因為中國祇佔收入的一小部分，但我很好奇你今天在市場上看到了什麼，以及指南中的收入，能不能具體說明一下這些收入來自哪些部分？

Yeah. I think at a high level, Jack, because it's been small for us, we're probably less competitive there as we go forward. So we're just effectively de-risking it. It's largely our diagnostics business, which we still feel pretty good about. But just with that current environment right now, we just would rather de-risk it a little bit further.

是的。傑克，我認為從高層次來看，因為這對我們來說太小了，所以隨著我們前進，我們的競爭力可能會下降。所以我們只是有效地降低了風險。這主要是我們的診斷業務，我們對此仍然感到非常滿意。但就目前的環境而言，我們寧願進一步降低風險。

Yeah. And Jack, just to put it in perspective, the call down that we have would reflect an ongoing $30 million business annually. I know we talked about $25 million is $50 million, but $30 million would be an annual basis going forward.

是的。傑克，從這個角度來看，我們的呼籲將反映出每年持續 3000 萬美元的業務。我知道我們討論過 2500 萬美元到 5000 萬美元，但 3000 萬美元將是未來每年的基礎。

Got it. Okay. Thank you. And as one kind of broader follow-up, Steve or Essex or Karleen, just would love to get your thoughts on the utilization environment, like just your feel for how that is at the moment. Either -- I was looking at the GYN Surgical organic growth of 1%. And I know there's some things weighing down the diagnostics growth at the moment. But do you feel like things are like fairly steady and maybe there's some of these one-off headwinds or any change you've sensed in that regard?

知道了。好的。謝謝。作為一種更廣泛的後續行動，史蒂夫、艾塞克斯或卡琳，只是想了解你們對利用環境的看法，例如你們對目前利用環境的感受。或者——我正在關注婦科外科 1% 的有機成長。我知道目前有些因素阻礙了診斷產業的發展。但是您是否覺得情況相當穩定，也許存在一些一次性的不利因素或您在這方面感覺到的任何變化？

Yeah. I think overall, Jack, we feel pretty good on the utilization level. GYN Surg is not exactly growing much at this stage. And I think we still are kind of flushing through the bolus that we had of the makeups. So I think, again, as we kind of look to the future, we feel like we're getting all those weird comps behind us. But I would say slower and steadier as it is on the GYN Surg side.

是的。傑克，我認為總體而言，我們的利用率水平感覺相當良好。婦科外科目前並沒有太大的發展。我認為我們仍然在沖洗掉化妝品中的殘留物。因此，我認為，當我們再次展望未來時，我們感覺我們已經把所有那些奇怪的事情拋在了身後。但我想說的是，由於婦科手術方面比較慢，所以比較穩定。

Yeah, I would agree with that. If you look at what elective procedures have done over the last few years, obviously, through the COVID times, they were extremely slow, if not existent. And then we saw a significant boom similar to our gantry performance over the last couple of years, what we're seeing is a tripling back of everything from colonoscopy to GYN procedures, highly elective procedures are kind of in a more middling slow range versus a more nonelective procedure. So procedure volume as a whole, I think, in the industry is solid. I think when you look at highly elective procedures, it's a little bit slower than the overall space.

是的，我同意。如果你看看過去幾年選擇性手術的效果，顯然，在 COVID 時期，這些手術的效果極其緩慢，甚至根本不存在。然後，我們看到了與過去幾年機架性能類似的顯著增長，我們看到的是從結腸鏡檢查到婦科手術的所有手術都增加了兩倍，與非選擇性手術相比，高度選擇性手術處於中等緩慢的範圍。因此，我認為，整個產業的流程量是穩定的。我認為，當你觀察高度選擇性的程序時，它會比整體空間慢一點。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Thanks for taking my question. I'll combine it into one. On the supply chain side, I would love to understand what you can do in terms of supply chain management. A number of companies are mitigating the impact by moving the inputs to different countries. Just wondering what you can do there.

感謝您回答我的問題。我會將其合併為一個。在供應鏈方面，我很想了解您在供應鏈管理方面可以做些什麼。許多公司透過將投入轉移到不同的國家來減輕影響。只是想知道你能在那裡做什麼。

And then on the gantry side, just trying to understand on the capital expense, why wouldn't you see more CapEx pressures from the hospital and the hospital systems in the current economic environment? And how should we think about the breast health new gantry and the headwind from that given the launch next year? Thank you.

然後在龍門架方面，只是想了解資本支出，為什麼在當前的經濟環境下你不會看到更多來自醫院和醫院系統的資本支出壓力？鑑於明年即將推出的乳房健康新龍門架及其帶來的不利因素，我們該如何看待它？謝謝。

Yeah. And Puneet, on the supply chain stuff, probably like everybody, we're evaluating things. I think ultimately, we feel very good about our supply chain in that all of our mammography equipment is made in the US. Our diagnostic stuff for the US is US. So we're heavily, heavily dependent there. And then it's really the Costa Rica piece, but we've got a great manufacturing footprint in Costa Rica. I don't think we're going to be moving that by any stretch. So we'll always evaluate. But ultimately, over the long run, we think we're in a really good position on that front.

是的。至於 Puneet，關於供應鏈的事情，可能和所有人一樣，我們正在進行評估。我認為最終我們對我們的供應鏈感到非常滿意，因為我們所有的乳房 X 光攝影設備都是在美國製造的。我們對美國的診斷材料就是美國的。所以我們嚴重依賴那裡。這實際上是哥斯達黎加的部分，但我們在哥斯達黎加擁有巨大的製造足跡。我認為我們無論如何都不會改變這一點。因此我們會一直進行評估。但最終，從長遠來看，我們認為我們在這方面處於非常有利的地位。

Regarding the CapEx and our new gantry coming, I think we feel very good in that, again, these are not massive purchases, and it's something that, frankly, gets amortized over time. And these are not huge, huge purchase prices for hospitals. And I think we feel really good about the value that we continue to bring. If I've learned anything through a bunch of years in health care, when you bring a meaningful product improvement to the market, and we've got the ability to be talking to the hospitals in advance, they'll carve out some budget for it, and I think we feel pretty good.

關於資本支出和我們的新龍門架，我認為我們感覺非常好，因為這些都不是大規模採購，而且坦白說，這些都會隨著時間的推移而攤銷。對醫院來說，這些採購價格並不算高昂。我認為我們對於我們繼續帶來的價值感到非常滿意。如果我在多年的醫療保健工作中學到了什麼，那就是當你將有意義的產品改進推向市場時，我們有能力提前與醫院溝通，他們會為此撥出一些預算，我認為我們感覺非常好。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

This is Kevin on for Vijay. Just one on the replacement cycle. I know you've talked a little bit about your gantry end-of-life strategy. But can you give us the latest update on the replacement cycle? How long is the typical life of the gantries out on the field today? And more broadly, where would you say we currently are in the replacement cycle?

這是 Kevin 代替 Vijay 上場。更換週期內僅需一個。我知道您已經談過一些有關龍門架報廢策略的事情。但是您能提供我們有關更換週期的最新更新嗎？目前現場龍門架的典型使用壽命是多久？更廣泛地說，您認為我們目前處於更換週期的哪個階段？

Yeah. This is Karleen. I'll kick that question off that answer off, I should say. I think the average -- we are in a replacement cycle already. As we talked about, we have an end-of-life strategy. So that would tell you that we're in it. I think what we're finding is that the average life of the gantry has extended from what was probably 7 to 9 years to maybe 10 to 12 years.

是的。這是卡琳。我應該說，我會從那個答案開始回答這個問題。我認為平均而言——我們已經處於更換週期。正如我們所說的，我們有一個生命終結策略。這說明我們已經身處其中。我認為我們發現龍門架的平均壽命已經從大約 7 到 9 年延長到了 10 到 12 年。

I think that's a combination of our outstanding service force that takes care of the installed base and keeps our customers up and running as well as lack of outside catalysts to drive the conversion like higher reimbursement or superior technology. So I think we're in it. And I think we would expect over the longer term, as Steve, I think, laid out just a steady placement of gantries every year.

我認為這是我們出色的服務團隊的結合，他們負責照顧已安裝的基礎並使我們的客戶保持正常運行，以及缺乏推動轉換的外部催化劑，如更高的報銷或卓越的技術。所以我認為我們已經參與其中了。我認為，從長遠來看，我們會期待史蒂夫每年都會穩定地佈置龍門架。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Maybe one supply chain. I know a couple of years ago, semiconductors were an issue. It's being thrown around here in the global trade war. And it looks like at least at the moment, we have exemptions. So maybe just a revisit on semiconductors, how your inventory of semis? And does that present a headwind or lack thereof when you look at the next gantry cycle? And I have one quick follow-up.

也許是一條供應鏈。我知道幾年前，半導體是一個問題。在全球貿易戰中，這個問題被廣泛討論。至少目前看來，我們有豁免。那麼也許只是重新審視一下半導體，您的半導體庫存如何？當您展望下一個龍門週期時，這是否意味著逆風或缺乏順風？我還有一個快速的後續問題。

Yes. This is Essex. No, we don't have anything on the forefront with regard to that. I think we've really expanded our network through the last challenge and haven't seen any headwinds on the forefront here in the future.

是的。這就是埃塞克斯。不，我們目前還沒有任何與此相關的前沿消息。我認為，透過上次的挑戰，我們確實擴展了我們的網絡，並且在未來不會遇到任何不利因素。

That's helpful. And then maybe just on the molecular side. I know in the past, there have been contracting cycles with some of the big lab operators, LabCorp, Quest, for instance. Maybe just an update on where we are in those cycles and latest views perhaps heading into one or more of those contracting cycles, both in terms of price and volume?

這很有幫助。然後可能只是在分子方面。我知道過去我們曾與一些大型實驗室營運商簽訂合同，例如 LabCorp、Quest。也許只是關於我們處於這些週期中所處位置的更新，以及最新觀點，也許在價格和數量方面進入一個或多個收縮週期？

Yes. Anthony, I'll just take that and say that we're not going to disclose the nature of our agreements with our larger customers. I think what I'd point you to is the molecular growth in the quarter that, again, absent the HIV headwinds that we have, molecular would have grown another low double digit this quarter. So I feel great about that business. And certainly, our underlying customer relationships are strong.

是的。安東尼，我只想說，我們不會透露與大客戶達成的協議的性質。我想指出的是本季的分子成長情況，同樣，如果沒有愛滋病毒的不利因素，本季分子成長將再次達到兩位數。所以我對於這項業務感覺很好。當然，我們與客戶的基礎關係非常牢固。

Mike Matson, Needham.

麥克馬森，尼德姆。

Hi everyone, this is Joseph on from Mike. This is Joseph on for Mike. I guess with the first one, just looking at the gantry launch, I was wondering if you guys give us any color on maybe anything that you're hearing from doctors or I guess, any type of preorder list you're building? Just any type of metrics that you could give? Obviously, at least a couple of quarters until the launch, but just try and help us interpret this upcoming demand.

大家好，我是麥克的約瑟夫。約瑟夫代替麥克發言。我想，對於第一個，只要看一下龍門架的發射，我想知道你們是否會給我們一些關於你們從醫生那裡聽到的任何消息，或者我猜，你們正在建立的任何類型的預訂清單？您能提供任何類型的指標嗎？顯然，距離發布至少還有幾個季度，但請嘗試幫助我們解讀即將到來的需求。

And then just a related point, my apologies if I'm not understanding this, but the refined end-of-life strategy for these older gantry units, are you guys attempting to upgrade these old units to the gantries that are currently available? Or again, is this kind of preordering for the next launch?

然後只是一個相關的觀點，如果我沒有理解這一點，我很抱歉，但是對於這些舊龍門架單元的完善的報廢策略，你們是否試圖將這些舊單元升級到目前可用的龍門架？或者說，這是為下一次發布進行的預訂嗎？

Yes. No apology needed. Good question, Anthony. What we're doing is on the -- to answer the second part of your question first, actually offering our existing gantries. So our three dimensions, particularly for those customers that still have the old ones, oftentimes, they're ready to upgrade, and we've still got best-in-class if anything. So in some cases, we may be bifurcating that will give them some of the existing 3Ds, and then we'll add the newer gantries when it comes. As a reminder, on the newer gantry, it's really a '26 event. So we're still a little further out there.

是的。不需要道歉。問得好，安東尼。我們正在做的是——首先回答你問題的第二部分，實際上提供我們現有的龍門架。因此，我們的三個維度，特別是對於那些仍然擁有舊產品的客戶，通常他們已經準備好升級，而且我們仍然擁有一流的產品。因此，在某些情況下，我們可能會進行分叉，為他們提供一些現有的 3D，然後我們會在需要時添加較新的龍門架。提醒一下，在較新的龍門架上，這實際上是 '26 事件。所以我們還有一段距離。

Yeah. And with regards to feedback, I think as we really debuted the product at RSNA, we received great feedback at that time. We've continued to engage with physicians, and they feel great about it. We're continuing to receive positive feedback, refine the product and getting really excited for the launch.

是的。關於回饋，我認為當我們在 RSNA 上首次推出產品時，我們收到了非常好的回饋。我們一直與醫生保持聯繫，他們對此感覺很好。我們不斷收到正面的回饋，不斷改進產品，並對產品的發布感到非常興奮。

Okay. Perfect. And one, if that's all right. In the Skeletal business, was this largely a full catch-up quarter? Is there still a lot of catch-up to go? Just looking into the second half, should we expect kind of elevated Skeletal revenues? Or is it more or less back to normal?

好的。完美的。還有一個，如果可以的話。對於骨骼業務來說，這基本上是一個全面追趕的季度嗎？還有很多需要追趕的地方嗎？展望下半年，我們是否應該預期 Skeletal 的收入會增加？或者說已經基本恢復正常了？

Yeah. I wouldn't expect any elevation in the fourth quarter, probably getting closer back to normal quarterly trends. I would say this was the quarter where we caught up the most given the ramp-up in supply.

是的。我預計第四季度不會出現任何成長，可能更接近正常的季度趨勢。我想說，鑑於供應量的增加，這是我們趕上進度最快的季度。

Lu Li, UBS.

盧莉，瑞銀。

Great, thank you for taking my questions. I think the first one on the guide. So my quick math is showing that the Q4 is roughly like 4% above the Q3 level. So I was wondering any color that you can share on why higher growth in Q4, like any conversation that you have with the customer that really gives you the confidence about the ramp?

太好了，謝謝你回答我的問題。我認為這是指南上的第一個。因此，我的快速計算表明，第四季的水平大約比第三季高出 4%。所以我想知道您能否解釋為什麼第四季的成長更快，例如您與客戶進行過哪些對話讓您對成長充滿信心？

Yeah. So yes, we do expect Q4 sequentially to be higher than Q3. That will be driven by the recovery in the breast health business. We would expect that we'll have higher gantries in the fourth quarter than we do in both the second and the third.

是的。所以是的，我們確實預計第四季的環比成長將高於第三季。這將受到乳房保健業務復甦的推動。我們預計第四季的龍門架數量將比第二季和第三季更高。

We'll also have Gynesonics will be a full quarter and Endomag Direct in the US, as we've talked about. Those are some of the things that will drive the fourth quarter as well as think about Skeletal was pretty much a full stop ship in the fourth quarter of the prior year.

正如我們之前提到的，我們還將在美國推出 Gynesonics 整整一個季​​度和 Endomag Direct。這些都是將推動第四季度發展的一些因素，同時考慮到 Skeletal 在去年第四季幾乎已經停止了發展。

Got it. Appreciate that. Another question maybe just on kind of like the full year guide. Any other upside or downside scenario that we should be thinking about? I know that there was a lot of color that you already provided in terms of the tariffs. But is there any scenario where there's a retaliation coming out from Europe, given that most of your manufacturing is actually in the US, would that be an issue? Just wondering if there are like any other mitigating factors that you can lever?

知道了。非常感謝。另一個問題可能只是關於全年指南。我們還應該考慮其他什麼好處或壞處？我知道你們在關稅方面已經提供了很多詳細資訊。但是，考慮到你們的大部分製造業實際上都在美國，是否存在歐洲採取報復措施的情況，這會是個問題嗎？只是想知道是否有其他您可以利用的緩解因素？

Yeah. I mean I think we've provided the guide in the range based on what we know now. And since we really don't know what's going to happen in the future, there's no need to really comment further.

是的。我的意思是，我認為我們已經根據目前所知提供了一定範圍內的指南。由於我們真的不知道未來會發生什麼，所以沒有必要進一步評論。

Casey Woodring, JPMorgan.

摩根大通的凱西‧伍德林。

Great. Thank you. Just curious on that 12% nonproduct revenue growth rate you called out mainly on the breast services component, how did that compare to your expectations in the quarter? What drove that strong number? And then how should we think that -- think about that for the rest of the year and maybe on a longer-term basis, too, going forward? And I have one follow-up.

偉大的。謝謝。我只是好奇，您提到的非產品收入成長率（主要指乳房服務部分）為 12%，這與您對本季的預期相比如何？是什麼推動了這強勁的數字？那麼，我們該如何思考這個問題——如何看待今年剩餘的時間，甚至從更長遠的角度來看待這個問題？我還有一個後續問題。

I would call that just great execution by our service leadership. We continue to look at our attach rates, grow our attach rates. We continue to optimize pricing and the installed base continues to grow. So all those things lead to that growth. So performed largely in line with expectations.

我認為這是我們服務領導層的出色執行。我們將繼續關注我們的附加率，提高我們的附加率。我們不斷優化定價，安裝基數也不斷成長。所有這些因素都促進了這種增長。因此表現基本符合預期。

And Casey, it's Mike. Just as we report that externally as a detail, our Biotheranostics oncology revenue is in there as well. And as you probably heard from the script, that continues to grow nicely as well.

凱西，我是麥克。正如我們向外部詳細報告的那樣，我們的生物診療腫瘤學收入也在其中。正如您可能從劇本中聽到的那樣，它也繼續順利發展。

Okay. Yeah. That was actually my follow-up was what Biotheranostics grew in the quarter. I mentioned it's pretty insulated from a lot of this macro noise. So curious how that's contributing to that molecular growth rate moving forward. Thank you.

好的。是的。這實際上是我對 Biotheranostics 本季成長情況的後續關注。我提到過，它可以很好地隔絕很多宏觀噪音。很好奇這對分子生長率的提升有何貢獻。謝謝。

Yeah. The Biotheranostics is accretive to the overall molecular growth rate. And I would just say that a strong quarter here in Q2, given there's a portion of that revenue that is on a cash basis. And so that sometimes there's lumpiness in the cash collections and the billing patterns. And Q2 of last year was a little bit of a lighter revenue quarter, so probably a little stronger growth rate than we would expect going forward.

是的。生物治療學可提高整體分子生長率。我想說的是，第二季表現強勁，因為其中一部分收入是現金收入。因此，有時現金收款和計費模式會出現不一致的情況。去年第二季的營收略低一些，因此未來的成長率可能比我們預期的要高一些。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

This is Aaron on for Mike. I just wanted to double-click on tariffs for a moment. I know we've talked about it a lot, but we're already two quarters in, 2026 is around the corner. So how are you thinking about -- given the ever-changing environment we're currently in, how are you thinking about mitigation strategy and tariffs overall heading into 2026?

這是 Aaron 為 Mike 表演的。我只是想稍微談談關稅。我知道我們已經談論了很多，但我們已經進入了兩個季度，2026 年即將到來。那麼，考慮到我們目前所處的不斷變化的環境，您如何看待 2026 年的緩解策略和整體關稅？

Yes. Well, first of all, we're not providing any guidance for 2026. I'd just refer you back to our prepared remarks that based on what we know today, we would expect a headwind of $20 million to $25 million a quarter, and we would expect that would continue into '26 unless there's a significant policy change.

是的。首先，我們沒有為 2026 年提供任何指導。我只是想請您回顧一下我們準備好的發言稿，根據我們今天所了解的情況，我們預計每季度將出現 2000 萬至 2500 萬美元的逆風，並且我們預計這種情況將持續到 26 年，除非出現重大的政策變化。

Understood. And you touched on M&A buybacks and capital deployment. Given the current macro environment, does that change how you're thinking about it at all?

明白了。您還談到了併購回購和資本配置。考慮到當前的宏觀環境，這會改變您的看法嗎？

No. I think we feel comfortable with our capital allocation strategy. As we talked about, we've got $1.6 billion of cash and investments on the balance sheet. Our priority is tuck-in M&A and share repurchase as appropriate. I think given the current balance on the balance sheet as well as our ability to generate cash flow going forward, gives us the optionality to do both as we see appropriate.

不。我認為我們對我們的資本配置策略感到滿意。正如我們所說的，我們的資產負債表上有 16 億美元的現金和投資。我們的首要任務是適時進行併購和股票回購。我認為，考慮到資產負債表上的當前餘額以及我們未來產生現金流的能力，我們可以選擇在我們認為合適的情況下同時做這兩件事。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

This is Avery on for Doug. Just first on imaging. Are you hearing at all from hospital procurement teams that they're holding out on buying new gantries because they're waiting for Envision?

我是艾佛瑞 (Avery)，為道格 (Doug) 報道。首先是成像。您是否從醫院採購團隊那裡聽說，他們因為在等待 Envision 而推遲購買新的機架？

And then just building on that without holding you to any expectation for next year, could the imaging business potentially grow above that long-term 3% to 4% expectation with the replacement uplift? Thank you.

然後在此基礎上，不抱有任何對明年的期望，隨著替換率的提升，成像業務是否有可能超過長期 3% 至 4% 的預期？謝謝。

Yeah. So with regard to what we're hearing from hospitals, I would say we are not hearing that people are holding out largely. There are a few customers that are excited about it. They may have a later version of a gantry that are looking forward to it. But largely, all the software that is available on our current three dimensions will be available on our Envision product moving forward.

是的。因此，就我們從醫院聽到的消息而言，我想說，我們並沒有聽說人們大規模地堅持下去。有一些顧客對此感到興奮。他們可能有期待的龍門架的後續版本。但總體而言，我們目前三維產品上可用的所有軟體將來都將在我們的 Envision 產品上可用。

There are a couple of key accessibility and workflow features that I would say that you will get as a clear advantage with Envision moving forward, also having all the software built in. But largely, customers today are not going to hold back on delivering, I don't think, best care to women who are going for their annual mammograms for a lot of the features that we do have available today that they can upgrade to with three dimensions.

我想說的是，隨著 Envision 的不斷發展，您將獲得幾個關鍵的可訪問性和工作流程功能，這些功能將作為明顯的優勢，同時還具有內建的所有軟體。但我認為，如今的顧客基本上不會停止為每年進行乳房 X 光檢查的女性提供最好的護理，因為我們現在提供了很多功能，她們可以升級到三維檢查。

All right. And then on capital deployment specifically, Obviously, valuations have come in over the past few months. Can you give us any color on your priorities from an M&A perspective? Are you considering layering on to your existing med tech portfolio and potentially gaining more exposure to broader surgical categories?

好的。然後具體到資本配置，顯然，估值在過去幾個月已經出現。您能從併購的角度告訴我們您的優先事項嗎？您是否考慮在現有的醫療技術產品組合上進行分層，並有可能獲得更多涉及更廣泛外科手術類別的機會？

Yeah. We're never going to get that detailed. We kind of can do shopping across diagnostics, imaging and surgical. We've done a bit of both, obviously, with both Endomag and Gynesonics. And we continue to look across the portfolio for tuck-ins across the company.

是的。我們永遠不可能了解得那麼詳細。我們可以在診斷、影像和外科手術領域開展購物業務。顯然，我們在 Endomag 和 Gynesonics 方面都做了一些嘗試。我們將繼續在整個公司範圍內尋找投資組合中的補充。

Conor McNamara, RBC Capital.

加拿大皇家銀行資本管理公司的康納‧麥克納馬拉（Conor McNamara）

Great, thanks for taking the question, guys. The first one is on the diagnostics business. What percentage of that -- of your revenue in diagnostics is on rental contracts? And then do those contracts have any pricing change put in the contracts that just reset on an annual basis? Or are those fixed price throughout the life of the contract?

太好了，謝謝大家回答這個問題。第一個是關於診斷業務。你們的診斷收入中有多少比例來自租賃合約？那麼這些合約中是否有任何價格變化，這些合​​約每年都會重置嗎？或是合約有效期限內這些價格都是固定的？

Yeah. So under our molecular business, those are -- the Panther instrument is basically -- majority is under reagent rental agreements where the customer pays on the per assay utilized. Those are typically three- to five-year contracts that have typically fixed pricing. So -- but there's nothing unusual that's happening that dynamic, that structure of that business has been in place for many years.

是的。因此，在我們的分子業務下，那些 — — Panther 儀器基本上 — — 大部分都是根據試劑租賃協議進行的，客戶根據每次使用的檢測付費。這些合約通常為期三至五年，且價格固定。所以——但沒有什麼不尋常的事情發生，這種動態，這種業務結構已經存在很多年了。

Okay. Great. And then at the start of the call, you mentioned strong replacements of the Panther Fusion in high respiratory season. Can you just talk about where the fusion penetration is and what you're seeing on ordering patterns from those Fusion customers?

好的。偉大的。然後在通話開始時，您提到了在呼吸道疾病高發季節 Panther Fusion 的強力替代品。您能否談談融合滲透率在哪裡以及您從那些融合客戶那裡看到的訂購模式是什麼？

Yes. So I would just say that what we track is Panther Fusion would never be a one-for-one with Panther. We track more how many customers have a Fusion capability within the lab. And at this point, we're probably about a third of our customers have that capability. And I think the comment was stating that the respiratory menu does run on Fusion. And as we have these elevated seasons, it typically generates more interest in that instrument.

是的。所以我只想說，我們追蹤的 Panther Fusion 永遠不會與 Panther 一對一。我們進一步追蹤實驗室內有多少客戶擁有融合能力。目前，我們大約有三分之一的客戶具備這種能力。我認為該評論表明呼吸菜單確實在 Fusion 上運行。隨著季節的延長，人們對於這種樂器的興趣也隨之增加。

And Conor, we are seeing some nice steady growth of customers adopting the Fusion, which now that we've placed all the Panthers, especially through COVID, a lot of the growth for the next five years really will be adding Fusions to ultimately all of our customers ideally. And then that opens up the additional menu opportunity expansion. So I think it's why we feel both very good results for diagnostics today and also for the future.

康納，我們看到採用 Fusion 的客戶數量穩步增長，現在我們已經將所有 Panther 都投放市場，特別是透過 COVID，未來五年的很大一部分增長實際上將在理想情況下為我們所有的客戶增加 Fusion。然後這就開啟了額外的選單機會擴充。所以我認為這就是為什麼我們對當今和未來的診斷都有非常好的期望。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Hey everybody, thanks for the questions. A lot already asked. So maybe just one on the African diagnostics piece, some of that funding, I think we've talked about cut and then maybe coming back. And so I just would love any insights on sort of movement you're seeing there. Any glimmers of hope or signs that maybe this is the new normal for the long term? Just help us think about the trend there would be great.

大家好，謝謝你們的提問。已經問了很多了。因此，也許只是關於非洲診斷方面的一項，我認為我們已經討論過削減部分資金，然後也許會恢復。因此，我很想知道您對在那裡看到的運動的任何見解。有任何希望的曙光或跡象表明這也許是長期的新常態嗎？只要幫助我們思考那裡的趨勢就會很棒。

In terms of the international stuff, the Africa stuff, we're assuming it's gone, and it will be upside that comes back. So we certainly hope that some of it will and would expect that some, but we've taken it out of the forecast.

就國際業務、非洲業務而言，我們假設它已經消失，並且會再次出現上漲。因此，我們當然希望其中一些會發生，並且預計會有一些發生，但我們已經將其從預測中剔除。

Yes. And largely, funding can come, go, but the infrastructure, as we see it right now is effectively broken on the continent that delivers that. Most of the testing and also medical supplies that go are that the people on the ground that actually administer that, whether the funding there is not, they're not there any longer. So that's why we've essentially taken it out of our forecast.

是的。總體而言，資金可以來來去去，但正如我們現在所看到的，非洲大陸提供資金的基礎設施實際上已經崩潰。大多數檢測和醫療用品都是由實際管理這些物資的當地人員提供的，無論有沒有資金，他們都不在那裡了。所以這就是我們基本上將其從預測中剔除的原因。

Okay. That is helpful. And then I want to go back to the services piece. I guess just, one, what else goes into that besides the gantry service and Biotheranostics? And then two, as you guys talk about it a little bit more, I think, this quarter, is that a business model that you'd like more of, you're ambivalent to? How do we think about the desire to kind of grow that, whether it's organically or inorganically?

好的。這很有幫助。然後我想回到服務部分。我想，首先，除了龍門架服務和生物診療服務之外，還有什麼其他服務呢？其次，正如你們進一步討論的那樣，我認為，本季度，這是你們更喜歡的商業模式嗎？還是你們對此感到矛盾？我們如何看待這種成長的願望，無論是有機的還是無機的？

Yeah. So I would say you're right that it's the gantry service and the Biotheranostics makes up the vast majority of that revenue line. I think we'd love to see that business grow. Certainly, both Biotheranostics and the service, the more the service revenue, the greater usually our attach rates are with our customers and really creates that stickiness of the relationships that we have with our customers.

是的。所以我想說您說得對，龍門架服務和生物診療服務構成了該收入線的絕大部分。我想我們很樂意看到業務成長。當然，無論是生物治療診斷還是服務，服務收入越多，我們與客戶的附加率通常就越高，並且真正建立了我們與客戶之間關係的黏性。

And operator, I think we have time for one more question.

接線員，我想我們還有時間再回答一個問題。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hey guys, thanks for taking the questions here. Maybe within molecular diagnostics, it'd be great to get an update just on what you're seeing year-to-date on a competitive front.

嘿夥計們，感謝你們在這裡回答問題。也許在分子診斷領域，了解今年迄今為止競爭的進展會很棒。

And if I could just ask my follow-up here. BV CV/TV has been a core driver for you there. I think you've categorized it as in middle innings at this point. So what do you view as key to ensuring that molecular continues to be a key driver for Hologic as that assays market matures?

我是否可以在這裡詢問我的後續問題。BV CV/TV 一直是您在那裡的核心驅動力。我認為您現在已經將其歸類為中局了。那麼，隨著檢測市場逐漸成熟，您認為確保分子檢測繼續成為 Hologic 的關鍵驅動力的關鍵是什麼？

Yeah. While we're in the middle innings, it's a long game, and we're probably still in the early part of those middle innings. So I think we see the women's health portfolio continuing to grow. And then we're really expanding the menu here over time as we will just keep adding menu, the Fusion sidecar opens it up. So I think it's that installed base that we have in Panthers that we see years and years of very nice growth coming for our diagnostics business.

是的。雖然我們正處於中局，但這是一場漫長的比賽，我們可能仍處於中局的早期階段。所以我認為我們會看到女性健康投資組合持續成長。然後，隨著時間的推移，我們會不斷擴展這裡的菜單，因為我們會繼續添加菜單，Fusion 邊車會打開它。因此，我認為正是我們在 Panthers 所擁有的安裝基礎，讓我們的診斷業務在未來幾年內能夠實現非常好的成長。

Thank you. This now concludes Hologic's second quarter earnings call. Thank you for your participation, and you may now disconnect.

謝謝。Hologic 公司第二季財報電話會議到此結束。感謝您的參與，您現在可以斷開連接。